Gerdau S.A. (GGB) Rating Increased to Hold at BidaskClub
Gerdau S.A. (NYSE:GGB) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Saturday.
Several other research analysts have also issued reports on GGB. TheStreet raised shares of Gerdau from a “d+” rating to a “c-” rating in a research note on Thursday, March 2nd. Scotiabank upgraded shares of Gerdau from an “underperform” rating to a “sector perform” rating in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Gerdau currently has an average rating of “Hold” and an average price target of $3.00.
Gerdau (NYSE:GGB) traded up 3.24% during mid-day trading on Friday, hitting $2.87. 10,314,251 shares of the company were exchanged. Gerdau has a 12-month low of $1.63 and a 12-month high of $4.39. The stock’s market cap is $4.91 billion. The company has a 50 day moving average of $2.90 and a 200 day moving average of $3.47.
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A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Gerdau by 9.1% in the first quarter. Vanguard Group Inc. now owns 10,459,948 shares of the basic materials company’s stock valued at $36,087,000 after buying an additional 871,682 shares in the last quarter. Banco BTG Pactual S.A. acquired a new position in shares of Gerdau during the first quarter valued at $27,600,000. Bank of America Corp DE boosted its position in shares of Gerdau by 118.9% in the first quarter. Bank of America Corp DE now owns 5,409,654 shares of the basic materials company’s stock valued at $18,663,000 after buying an additional 2,938,567 shares in the last quarter. Horseman Capital Management Ltd acquired a new position in shares of Gerdau during the first quarter valued at $13,830,000. Finally, Morgan Stanley boosted its position in shares of Gerdau by 416.0% in the first quarter. Morgan Stanley now owns 3,420,226 shares of the basic materials company’s stock valued at $11,800,000 after buying an additional 2,757,360 shares in the last quarter. Hedge funds and other institutional investors own 5.00% of the company’s stock.
Gerdau Company Profile
Gerdau SA (Gerdau) is a manufacturer of long steel in the North and South America. The Company is engaged in the production and commercialization of steel products in general, through its mills located in Argentina, Brazil, Canada, Chile, Colombia, Spain, the United States, Guatemala, India, Mexico, Peru, the Dominican Republic, Uruguay and Venezuela.
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